Las Vegas, famously known as “Sin City,” is renowned for its vibrant nightlife, world-class entertainment, and bustling casino scene. Beyond the glittering lights of the Strip, Las Vegas offers a unique lifestyle with its own set of advantages and challenges. Whether you’re considering a high-rise apartment in downtown Las Vegas or a suburban apartment in Summerlin, this Redfin article will help you weigh the pros and cons of living in Las Vegas.
Fast facts about living in Las Vegas
Population: Approximately 650,000 residents
Average rent: $1,330 per month for a one-bedroom apartment
Median home sale price: $450,000
Public transit: RTC Transit provides bus services throughout the city
Public parks: Over 100 parks and green spaces for recreation and relaxation
Annual tourists: Approximately 42 million visitors each year
Restaurants: Over 5,000, offering a variety of cuisines from around the world
1. Pro: Entertainment capital of the world
Las Vegas is internationally known as the Entertainment Capital of the World. The city offers an unparalleled array of entertainment options, from world-class shows and concerts to high-energy nightclubs and casinos. Residents can easily enjoy performances by top artists, Broadway-style productions, and major sporting events. Las Vegas also hosts big annual events like the Consumer Electronics Show (CES) and the Electric Daisy Carnival (EDC), attracting visitors from all over. Plus, there’s a thriving local theater and arts scene, with many venues offering a variety of performances and cultural events.
2. Con: Extreme weather
Las Vegas experiences extreme weather conditions, particularly during the summer months when temperatures can soar above 110°F. The intense heat can be uncomfortable and often limits outdoor activities to early mornings or late evenings. While winters are mild and enjoyable, the summer heat can be a challenge for those not accustomed to such high temperatures. Residents need to be prepared with proper cooling systems and hydration strategies. Additionally, the high temperatures can lead to increased utility bills due to the constant need for air conditioning.
3. Pro: No state income tax
One of the significant financial benefits of living in Las Vegas is the absence of state income tax. Nevada is one of the few states that does not impose a state income tax, which can result in substantial savings for residents. This financial advantage can help offset some of the higher costs associated with living in a major city.
4. Con: High utility costs
Despite the absence of state income tax, residents of Las Vegas often face high utility costs, especially during the summer months when air conditioning usage peaks. Utility costs in Las Vegas are about 9% higher than the national average due to the need for constant cooling. The cost of electricity can be significantly higher, impacting monthly budgets and requiring careful financial planning. During the hottest months, residents may see a substantial increase in their electricity bills, which can strain finances if not managed properly. It’s essential for residents to plan for these higher costs, especially those who are new to the area and might not be accustomed to the extreme summer heat.
5. Pro: Diverse culinary scene
Las Vegas boasts a diverse and world-renowned culinary scene. The city is home to numerous Michelin-starred restaurants and eateries led by celebrity chefs. From high-end gourmet dining on the Strip to a variety of international cuisines in local Las Vegas neighborhoods, there is something to satisfy every palate. The food scene in Las Vegas is a significant draw for food enthusiasts and provides a unique culinary experience.
Some notable restaurants in Las Vegas
Joël Robuchon
Bazaar Meat by José Andrés
Raku
Lotus of Siam
é by José Andrés
Hell’s Kitchen
6. Con: Water scarcity
Water scarcity is a critical issue in Las Vegas, given its desert location. The city relies heavily on the Colorado River for its water supply, and ongoing drought conditions have raised concerns about long-term water availability. Residents need to be mindful of water usage and adhere to conservation measures. This environmental challenge can impact daily life and requires community-wide efforts to address.
7. Pro: Outdoor recreational activities
Despite its desert setting, Las Vegas offers a variety of outdoor recreational activities. The surrounding areas provide opportunities for hiking, rock climbing, and exploring natural wonders. Red Rock Canyon, Lake Mead, and the Valley of Fire State Park are popular destinations for outdoor enthusiasts. These locations offer stunning landscapes and a chance to escape the urban environment.
8. Con: Limited public transportation
While Las Vegas has made efforts to improve its public transportation system, it still lags behind other major cities. The RTC Transit system provides essential bus services, but the routes and schedules may not be convenient for all residents. The city has a transit score of 32, a walk score of 42, and a bike score of 46, indicating that public transportation options are limited, and most daily errands require a car. This can be inconvenient for those who prefer not to drive or do not own a vehicle. Additionally, the layout of the city and the hot weather can make walking and biking challenging for some residents.
9. Pro: Growing job market
Las Vegas has a growing and diverse job market, with opportunities in various sectors such as hospitality, entertainment, technology, and healthcare. The city’s economy is expanding beyond its traditional reliance on tourism and gaming, attracting new businesses and industries. Major employers like MGM Resorts International, Caesars Entertainment, and the University of Nevada, Las Vegas, provide numerous job opportunities. The diversification of the job market enhances economic stability and offers career growth potential.
Top employers in Las Vegas
Las Vegas Sands Corporation
Wynn Resorts
Allegiant Air
Clark County School District
Nevada Power Company (NV Energy)
Southwest Gas Corporation
Sunrise Hospital and Medical Center
10. Con: Transient nature of the city
Las Vegas has a transient nature, with a significant portion of the population moving in and out of the city frequently. This can make it challenging to build long-term relationships and establish a sense of community. The transient lifestyle is often driven by the tourism and entertainment industries, where job turnover can be high. For those seeking stability and long-term connections, this aspect of Las Vegas may be a drawback.
11. Pro: Vibrant arts and culture scene
Beyond the glitz and glamour of the Strip, Las Vegas has a vibrant arts and culture scene. The city is home to several museums, galleries, and performing arts venues. The Smith Center for the Performing Arts hosts a variety of cultural events, including Broadway shows, concerts, and ballet performances. Additionally, the Las Vegas Arts District offers a hub for local artists and creative expression. This cultural diversity enriches the community and provides ample opportunities for artistic exploration.
12. Con: High cost of living
While some aspects of living in the city are affordable, the overall cost of living in Las Vegas is relatively high, about 6% more than the national average. Housing costs have been rising, with the median sale price for a home in Las Vegas around $450,000 and average rent for a one-bedroom apartment in Las Vegas about $1,330 per month. Additionally, costs for dining out, entertainment, and other lifestyle expenses can add up quickly. Residents need to budget carefully to manage these costs effectively. This higher cost of living can be a significant consideration for those moving to the area, particularly when balancing it against the benefits of the city’s vibrant lifestyle and job opportunities.
13. Pro: Iconic landmarks
Living in Las Vegas means having iconic landmarks and attractions at your doorstep. From the world-famous Las Vegas Strip to the historic Fremont Street Experience, these sites contribute to the city’s unique character and charm.
Famous landmarks in Las Vegas
The Bellagio Fountains
The Neon Museum
The Mob Museum
Hoover Dam (nearby)
Red Rock Canyon National Conservation Area
14. Pro: Sense of community in neighborhoods
Despite its transient nature, Las Vegas has neighborhoods with a strong sense of community. Areas like Summerlin, Henderson, and Centennial Hills offer suburban living with community events, parks, and schools. These neighborhoods provide a contrast to the bustling Strip, offering residents a more relaxed and friendly environment. The local community centers and neighborhood associations help foster connections and engagement among residents.
After you purchase a new home, there are many things to budget for, including moving costs, new furniture, and ongoing expenses such as your mortgage. Although it may seem like many of the significant expenditures are out of the way once you close on a property, there are additional costs that can add up.
To avoid financial surprises, it’s wise to jot down and budget for all of the extra expenses you will encounter when you move into your new place. To help you organize your finances, here are the things to budget for after buying a house.
Moving-Out Expenses to Budget for
Before you take up residence in your new home, you must move all of your things. Even if you pack and move all your belongings yourself, you’ll still have to spend on things like boxes, packing materials, and a truck. And if you use movers, it will cost you even more.
Recommended: The Ultimate Moving Checklist
Moving Your Belongings
There are three main options for moving your belongings:
• Renting a truck and doing it yourself. It’s more cost efficient than using professional movers, but DIY moving yourself still adds up. You’ll have to pay for the truck rental fee, gas, and damage protection. If you’re moving across the country, you may also have to factor in the costs of shipping some of your items. Even though you can enlist your friends and family to help you do the heavy lifting, the cost of moving yourself can still be significant, and it’s a lot of work.
• Hiring movers. If you decide to use professional movers, it’s wise to shop around to find the best price. Here’s why: For moves under 100 miles away, the national average cost of moving is $1,400, and it ranges from $800 to $2,500. If you’re moving long distance, the average cost can be as high as $2,200 to $5,700. To cut costs, you can do your own packing, which may save you money.
• Moving your things in a storage container. Another option is to use a hauling container — you load your things in it, and the container company moves it to your new location. This usually costs between $500 and $5,000, depending on the distance and how much stuff you’re moving. Long-distance moves will usually cost more than local ones.
Moving Supplies
If you decide to go the DIY moving route, you will need to buy boxes, bubble wrap, labels, and tape. And you likely have more items to wrap and box up than you think, which requires even more supplies.
Cleaning Supplies
You’ll probably want to clean your current property before you move out, and you’ll definitely want to clean the new place when you move in. That means buying mops, sponges, cleaning solutions, and paper towels. You may also want to get the carpets cleaned or hire a professional house cleaner if the place needs a deep cleaning.
10 Common Expenses After Buying a Home
Once the move is done, there are other expenses you’ll need to account for as you settle into your new abode. Here are a few things to budget for after buying a home.
Furniture and Appliances
You’ll likely bring some furniture and decor from your old place, but you’ll probably want to purchase some new things as well. For example, if the appliances are outdated, you might want to upgrade to new ones. And you may have more rooms to furnish, which requires additional furniture.
Consider opening a savings account for the new items you want to purchase. It can also help pay for any unexpected costs, such as having to replace a hot water heater that breaks.
Mortgage Payments
As a homeowner, every month you will making a mortgage payment that typically includes:
• The principal portion of the payment. This is the percentage of your mortgage that reduces your payment over the life of the loan. The more you pay toward principal, the less you will have to pay in interest.
• The interest. This is the amount you pay to borrow funds from the bank or lender to purchase your home.
If you are using an escrow account to pay your mortgage, other things may be included in your payment, such as your property taxes, insurance, and private mortgage insurance. This guide to reading your mortgage statement can help you understand all the costs involved in your mortgage payment.
Property Taxes
Property taxes are the taxes you pay on your home. In many cases, these taxes are the second most significant expense after your mortgage. Property taxes are based on the value of your home, which is typically governed by your state. The county you live in collects and calculates the sum due. Usually, property tax calculations are done every year, so the amount you owe may fluctuate annually.
Homeowners Insurance
Homeowners insurance helps protect your home from damage or destruction caused by events like a fire, wind storm, or vandalism. It can also protect you from lawsuits or property damages you are liable for. If someone slips and falls on your sidewalk, for instance, homeowners insurance will pay for the injured person’s medical bills and the legal costs if they decide to sue you.
The cost you pay for this coverage will vary by the type and amount of coverage you select.
Private Mortgage Insurance (PMI)
For borrowers who can’t afford a down payment that’s 20% of the mortgage value, lenders usually require private mortgage insurance (PMI). This type of coverage is designed to protect the lender if you default on your mortgage payments.
PMI can cost as much as a few hundred dollars per month, depending on the sum you borrow.
HOA Dues
This is a Homeowner’s Association fee, which goes toward the upkeep of property in a planned community, co-op, or condo. The amount can range from a couple of hundred dollars a year to more than $2,000, depending on the amenities you’re paying for (like a pool and landscaping). You typically pay HOA fees monthly, quarterly, or annually.
Utilities
Your utility payments include water, gas, electric, trash, and sewer fees. Some bills like water and electricity are based on the amount you use every month, so monitoring your electric and water usage, like taking short showers and turning lights off, can help lower your cost. Other payments, such as your trash or recycling, might be a fixed amount.
Lawn Care
Maintaining the curb appeal of your home requires landscape services and lawn care. If you choose to mow your own lawn, you may need to factor in the purchase of a mower, which can cost about $1,068 on average. If you hire a lawn service to cut your grass, you may pay $25 to $50 a week.
Pest Control
Pests, such as ants, ticks, rodents, or mice, can wreak havoc on your home and your family’s health. For these reasons, many homeowners hire a pest control company to prevent the infestation of pests around their homes. The company’s initial visit may cost between $150 to $300, then $45 to $75 for every follow-up.
Home Improvement Costs
As a homeowner, there are likely things you want to change about your house. From painting the walls to a complete kitchen renovation, transforming your property can add to the cost of owning a home. According to the HomeAdvisor 2023 State of Home Spending Report, homeowners spend an average of $9,542 on home improvement each year.
Additionally, as the features of your home age, you will need to replace and repair them accordingly.
Common Mistakes After Buying a Home
One of the most common mistakes people make when buying a home is spending more than they can afford. For instance, you may forget to factor in utilities, lawn care, HOA fees, costs of upkeep, and other hidden expenses that come with owning a home. It’s crucial to do your research to determine extra costs and add them up before you move forward with purchasing a property.
Another mistake new homeowners make is taking on too many DIY projects. TV shows can make home renovations look easy. However, many of these projects require professionals who know what they are doing. Attempting a home improvement project could cost you more to fix than hiring a pro in the first place. In fact, about 80% of homeowners that attempt their own renovation projects make mistakes — some of them serious.
Unless you can afford an expert, you may want to rethink purchasing a home that requires a lot of renovation.
The 50/30/20 Rule
For help planning your budget as a homeowner, you can use the 50/30/20 rule, which breaks your budget into three categories:
• 50% goes to to needs
• 30% goes to wants
• 20% goes to to savings
That means you’ll be budgeting 50% of your income to go toward necessities such as housing costs, grocery bills, and car payments. Then 30% will go toward things you want, such as entertainment (movies, concerts), vacations, new clothes, and dining out. The remaining 20% goes towards saving for the future or financial goals such as home improvement projects.
Using a 50/30/20 budget rule is simple and easy. It allows you to see where your money is going and helps you save.
Recommended: How to Track Home Improvement Costs
Lifestyle Tradeoffs in Order to Budget
With so many things to budget for after buying a home, you may need to cut back on spending. Start by looking at your discretionary spending and think about where you can trim back. For example, instead of eating out regularly, you can cook more meals at home. Or perhaps you can put your gym membership on hold and do at-home workouts for a while to stay in shape physically and financially.
Recommended: How to Budget in 5 Steps
The Takeaway
After you buy a house, there are many expenses you may not have accounted for, such as the cost of hiring movers; buying furniture; and getting your new place painted, cleaned, and ready to move into. Making a budget is vital to keep you on track financially, so you can enjoy your new home.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
How much money should you have leftover after buying a house?
After buying a home, the amount you have left will vary depending on your financial situation. However, it’s a good idea to have at least three to six months of living expenses in reserve. That way, in case of an emergency, you can stay afloat financially.
Is it worth putting more than 20% down?
Putting more than 20% down on your home can help lower your monthly mortgage payment and interest because you’ll be borrowing less money. It also gives you more equity in your home from the beginning. But make sure you can afford to pay more than 20% in order not to stretch beyond your budget.
What’s the 50-30-20 budget rule?
The 50/30/20 rule means that you budget 50% of your expenses for needs (housing, groceries, loan payments), 30% for wants (entertainment, eating out, shopping), and 20% toward savings goals (retirement, renovations, new furniture).
Photo credit: iStock/ArtMarie
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Welcome to the charming city of Bend, Oregon, where the stunning Cascade Mountains provide a breathtaking backdrop for outdoor enthusiasts and nature lovers. With its vibrant arts scene, thriving craft beer culture, and an abundance of outdoor recreational activities, Bend offers a unique blend of urban amenities and natural beauty. Whether you’re drawn to an apartment in Bend’s bustling downtown area or a rental home in the serene neighborhoods nestled along the Deschutes River, Bend has something to offer for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Bend, Oregon. Let’s get started and see what awaits in this outdoor paradise.
Pros of living in Bend, OR
1. Outdoor paradise
Bend is a haven for outdoor enthusiasts, with its proximity to the Cascade Mountains and the Deschutes River. Drake Park, which stretches 13 acres along the banks of the Deschutes through downtown Bend, is a highlight. Residents can enjoy a wide range of outdoor activities, including hiking, mountain biking, skiing, and rock climbing. The city’s numerous parks and trails offer breathtaking views and opportunities for adventure, making it an ideal location for nature lovers.
2. Craft beer scene
With numerous breweries offering a diverse selection of locally brewed beers, Bend has a thriving craft beer scene. Residents can explore the Bend Ale Trail, which features over 20 breweries, each with its own unique atmosphere and flavors. The city’s beer culture fosters a sense of community and provides a vibrant social scene for beer enthusiasts.
3. Vibrant arts and culture
Bend boasts a vibrant arts and culture scene, with numerous galleries, art festivals, and live music venues. The city’s First Friday Art Walk allows residents to explore local art and connect with the creative community. Additionally, the Tower Theatre hosts a variety of performances, from live music to theater productions, providing residents with diverse cultural experiences.
4. Thriving food scene
Bend offers a diverse and thriving food scene, with a wide range of restaurants, food carts, and farmers’ markets. Residents can savor farm-to-table dining experiences, sample international cuisines, and enjoy local specialties at restaurants like Dear Irene and Ariana. The city’s culinary landscape reflects its commitment to sustainability and quality, making it a paradise for food enthusiasts.
5. Strong sense of community
Bend fosters a strong sense of community, with residents actively participating in local events, volunteer opportunities, and community initiatives. The city’s friendly and welcoming atmosphere creates a supportive environment for individuals and families, promoting a sense of belonging and connection.
6. Abundance of outdoor recreation
Bend offers an abundance of outdoor recreation opportunities, with access to world-class skiing, snowboarding, and snowshoeing in the winter, and hiking, fishing, and paddleboarding in the summer. The city’s natural beauty and diverse landscapes provide endless possibilities for adventure and exploration, making it an ideal location for outdoor enthusiasts.
Cons of living in Bend, OR
1. Limited job opportunities
One of the challenges of living in Bend is the limited job opportunities, particularly in certain industries. The city’s economy is primarily driven by tourism and outdoor recreation, which may not offer as many career options for professionals in other fields. Residents may need to explore remote work or consider commuting to nearby cities for employment.
2. Seasonal tourism impact
Bend experiences a significant influx of tourists during peak seasons, which can impact the local infrastructure, traffic, and availability of resources. Residents may find it challenging to navigate crowded areas and may experience fluctuations in the availability of services and amenities during peak tourist periods.
3. Harsh winter weather
Bend’s winter weather can be harsh, with heavy snowfall and cold temperatures. The city gets an average of 30+ inches of snow annually. While this may be appealing to winter sports enthusiasts, it can also pose challenges for daily commuting, outdoor activities, and overall comfort during the colder months. Residents need to be prepared for the winter climate and its potential impact on daily life.
4. Distance from major cities
Bend is located at a distance from major cities, which may result in longer travel times for residents needing access to specific amenities, services, or entertainment options. Travel from Bend to major cities such as Salem and Portland takes more than 2 hours. While the city offers a unique and serene environment, the distance from larger urban centers may pose challenges for those seeking a more metropolitan lifestyle.
5. Limited public transportation
Bend’s public transportation system is relatively limited, which may pose challenges for residents who rely on public transit for their daily commute or travel needs. The city’s infrastructure primarily caters to private vehicles, and residents may find it challenging to navigate the city without access to a personal vehicle.
6. Water scarcity concerns
Bend faces water scarcity concerns, particularly during dry seasons, which may impact water usage and conservation efforts. Residents need to be mindful of water consumption and adhere to local regulations to ensure sustainable water management in the region.
7. Cost of living
The cost of living in Bend is high compared to other cities in Oregon. The city has been growing in popularity over recent years, as renters flock to Bend for its access to stunning natural beauty and year-round recreational opportunities. The average rent for a 2 bedroom apartment in Bend is $2,175, higher than nearby Sisters ($1,295) and even Portland ($1,887).
Inside: Learn how to save money quickly, even on a tight budget. Get practical tips for how to save money fast on a low income. Simple savings ideas to implement today.
Saving money on a tight budget can feel like a high mountain to conquer, especially when you’re trying to do it fast.
Many people earn just enough to cover their essential costs, leaving little room for savings. However, with the right strategies, saving money fast on a low income doesn’t have to be a pipe dream.
This is something I started when we decided to pay off debt. Then, we choose to continue saving that money and investing it.
By understanding the flow of your money – where it’s coming from and where it’s going – you can make informed decisions that maximize your savings potential.
By prioritizing your spending and forecasting future expenses, budgeting can reduce the stress of financial uncertainty and introduce a sense of control and confidence in your money management skills. Thus, leading to you starting to save.
What is the best way to save money on a low income?
On a low income, the best way to save money is to thoroughly understand your expenses and prioritize your needs over wants.
In addition, by planning and tracking your finances meticulously, you can identify where each penny is going. Thus, allowing you to analyze your expenses. Once you have a clear picture of these, start looking for areas to trim down.
Remember, saving money is about being proactive and consistent. These small but steady steps can build up over time to help you save money fast, even on a low income.
How to Save Money on A Fast Income
1. Start with Clear Priorities
Before you can decide where to cut costs or how to allocate your funds, you need to know what’s most important to you.
What is your why for doing what you need to do? Is it building an emergency fund, saving for a down payment on a home, or maybe preparing for retirement?
Whatever your goals, outline them clearly. This is how you will save money.
2. Budgeting effectively to manage finances
To budget effectively on a low income, it all starts with a cold, hard look at your numbers.
Begin by listing all sources of income – that’s your foundation.
From each paycheck or income stream, subtract your non-negotiable expenses such as rent, utilities, transportation, and debt payments. What you have left is your discretionary income.
Then, it’s time to categorize and prioritize. Group your expenses into necessities and nice-to-haves. If your essentials consume most of your income, you’ll need to scrutinize the nice-to-haves list.
Every dollar saved from unnecessary splurges is a dollar that can be put towards your savings.
Use budgeting apps or tools to keep a real-time record of your spending. These can help you stay disciplined and provide a visual reminder of your progress.
3. Track and Slash Unnecessary Expenses
Now, you must meticulously and ruthlessly cut out the non-essentials.
Identify patterns and spot the recurrent, unnecessary expenses that are draining your funds.
Do you subscribe to multiple streaming platforms?
Are you forking out cash for a gym membership you barely use?
Are those daily specialty coffee drinks adding up?
It’s time to slash these expenditures.
Cutting these expenses is like giving yourself a raise.
4. Lower Housing Expenses Without Compromising Comfort
Living in smaller, more affordable housing to decrease rent or mortgage might be exactly what you need.
Opting for a smaller, more affordable space is a practical approach to significantly lower your rent or mortgage payments. When you choose to live in a compact setting, not only do you reduce the square footage costs, but often, utility and maintenance expenses decrease as well due to the reduced size of the living area.
If you are renting, try to negotiate your rent or lease terms with your landlord – they might be willing to offer a discount to keep a reliable tenant, or you may be able to agree on lower rent for a longer lease commitment.
If you’re a homeowner, explore the possibility of refinancing your mortgage to take advantage of lower interest rates. Alternatively, consider renting out a room or a portion of your living space, as the additional income can offset your mortgage or maintenance costs.
5. Save Money on Utilities with Simple Home Adjustments
Saving money on utilities might sound challenging, but you can often achieve substantial savings with a few strategic home adjustments. Let’s explore some cost-effective strategies and modifications you can make to your living space that could help reduce your bills.
Energy Efficient Appliances: Swapping out older appliances for Energy Star-rated ones leads to significant reductions in electricity use and water consumption.
Smart Thermostats: Installing a smart thermostat allows you to programmatically control your heating and cooling based on your schedule and preferences, potentially saving you a bundle on your energy bills.
LED Lighting: Switch to LED bulbs, which are more energy-efficient than traditional incandescent ones and have a longer lifespan, saving you on replacement costs as well as your electric bill.
Insulation Upgrades: Proper insulation keeps your home warm in the winter and cool in the summer, reducing the need for excessive heating or air conditioning.
Water-Saving Fixtures: Low-flow showerheads and faucet aerators reduce water usage, preserving this precious resource and lowering your water bill.
Not only do these simple home adjustments lead to savings on your utility bills, but they also contribute to a more environmentally friendly lifestyle.
6. Cooking at home instead of eating out
Cooking at home instead of dining out is an excellent way to save money, especially on a low income. When you eat at a restaurant, you’re not just paying for the food; you’re also covering the cost of service, ambiance, and the establishment’s overhead.
Plan a balance between meal prepped home-cooked meals and the occasional dinner out to keep your budget in check while still enjoying life’s little pleasures. Here are some frugal meals to get you started.
Remember, you don’t have to eliminate eating out entirely.
7. Canceling unused subscriptions and memberships
Stop draining money on services you don’t actively use. It’s surprisingly easy to forget about these auto-renewing expenses, so taking the time to audit your subscriptions can reveal opportunities for savings.
Recently, we tracked over $100 a month in my mother-in-law’s unused subscriptions and membership!
As such, it’s important to periodically evaluate your subscriptions and memberships to ensure they are still serving your interests and goals. If not, give yourself permission to cancel and save that money for something that offers tangible benefits in return.
8. Buying quality items that last longer
Investing in quality items that last longer is a strategic way to save money over time. While the initial cost may be higher, durable products can prevent the cycle of frequent replacements, ultimately contributing to long-term savings and less waste.
Remember, not every purchase necessitates the highest quality option. Examine which items you frequently use and can benefit from in the long run. For instance, driving a Toyota or buying higher quality shoes.
Once you’ve identified these, invest in quality for those and enjoy the satisfaction of a purchase that lasts.
9. Optimize Grocery Shopping
To optimize grocery shopping and manage your food budget effectively, start by thoroughly checking your current pantry supplies and making a precise shopping list to deter impulse purchases.
Utilize coupons and enroll in local store loyalty programs for exclusive discounts.
Embrace meal planning to avoid unnecessary spending.
Consider incorporating meatless meals, as this can contribute to consistent savings over time due to the typically higher cost of meat compared to vegetables and other plant-based options.
Plan meals around these cheap foods when you are broke.
By shopping smartly, you have the power to drastically lower your monthly food bill. Just remember, the key is preparation and discipline.
10. Repairing items instead of replacing them
Repairing items instead of replacing them can be a significant money-saving tactic, especially when budgets are tight. It’s often more cost-effective to fix a piece of furniture, mend a garment, or troubleshoot an appliance than it is to buy new one.
Consider the condition and value of each item before deciding to repair it. If the cost of repair approaches the price of a new item, or if it’s beyond your skill set, researching community resources or seeking professional help may be a wise choice.
11. Practicing the 30-day rule for non-essential purchases
Putting the brakes on impulsive buying can significantly boost your savings, and practicing the 30-day rule is a tried-and-true method to control those urges.
Before you make any non-essential purchase, wait 30 days.
If after a month you still feel the purchase is necessary or meaningful, then consider buying it.
Remember that the goal isn’t to deny yourself enjoyment but to ensure that each purchase is considered and valued. This conscious approach can lead to more satisfaction with the items you do choose to buy and a healthier bank balance.
12. Skip the Car Loan
Opting out of a car loan and finding alternative modes of transportation, such as cycling, walking, or using public transportation, can lead to significant financial savings.
Without a car payment, individuals can redirect the funds that would have gone towards monthly installments, insurance, and maintenance into their savings account.
This strategy can be particularly impactful for those with a goal in mind or working with a low income, as every dollar saved moves them closer to financial stability. Furthermore, the elimination of auto loan interest charges and potential debt can provide a more secure financial footing and peace of mind.
13. Using public transportation or carpooling to reduce fuel costs
Utilizing public transportation or carpooling can be significant in reducing fuel costs, particularly when you’re committed to saving money on a low income. These alternatives to solo driving not only save on fuel but also on parking fees, and wear and tear on your vehicle.
Another option is embracing car-sharing services, especially if you find that you don’t require a car on a daily basis. Services like Turo and Getaround offer the flexibility of having a car when you need one without the constant financial responsibility associated with ownership.
Remember, it’s all about what suits your lifestyle and frequency of need. By assessing how often you need a vehicle and comparing it with the total costs of ownership, car-sharing could be an excellent way to save money.
14. Selling unused or unwanted items for extra cash
Selling unused or unwanted items is a fantastic way to declutter your space and earn extra cash. You might be surprised how much money you can make by letting go of things you no longer use or need. From clothes you’ve outgrown to homeware that’s gathering dust, each item sold can inch you closer to your savings goal.
Take advantage of this opportunity; a thorough home audit could reveal a treasure trove of sellable items right under your nose. Not only does this increase your income, but it also helps you consider future purchases more carefully.
15. Taking advantage of free entertainment and community events
Leveraging free entertainment and community events is a delightfully frugal way to enjoy yourself without breaking the bank. From concerts and exhibitions to workshops and meet-ups, there’s often a wealth of activities that won’t cost you a penny.
In fact, here at Money Bliss, I have the most popular list of things to do with no money.
With a little creativity and resourcefulness, you can uncover a variety of enjoyable and inexpensive things to do.
16. Automating savings to ensure consistent contributions
Automating your savings is a hassle-free way to ensure you consistently contribute to your financial goals.
By setting up an automatic transfer from your checking account to a savings account, you’re essentially paying your future self first.
This ‘set and forget’ approach helps grow your wealth with minimal effort.
17. Negotiating bills and asking for better rates
Many service providers are open to negotiating prices if it means retaining a customer. Whether it’s your cable package, insurance, or even a credit card interest rate, it’s worth having the conversation.
Remember, the worst they can say is no. But often, companies will offer helpful options when they realize you are considering alternatives due to cost concerns.
One phone call could save you $1000 a year – just like when I decreased my cable bill!
18. Evaluating insurance policies for potential savings
When evaluating insurance policies, it’s critical to regularly assess your coverage needs and shop around for the best rates. Comparing policies from different providers annually can reveal opportunities for lowering premiums or finding more suitable coverage.
Utilize online tools and independent insurance agents to ensure a comprehensive review of available options.
Remember to inquire about bundling policies, as this can often lead to significant savings while consolidating your insurance needs effectively.
19. Meal Planning and Prep: Strategies to Reduce Food Waste
By allocating some time each week to plan your meals, you can ensure that you only buy what you need, thereby minimizing waste and cost.
Learning to meal plan starts with looking at a calendar and a local sales flyer to find the low cost deals.
By creating a weekly plan and incorporating budget-friendly recipes, you can not only eat healthier but also avoid the costlier option of dining out.
20. Forgo single use items
By choosing reusable items over single-use ones, you cut down on waste and habitual spending on disposables. This is also known as frugal green.
For instance, investing in a reusable water bottle, rather than buying single use water bottles.
By integrating sustainable products into your life, you also promote a culture of conservation and mindfulness, inspiring others to make eco-friendly choices.
21. Shopping for groceries with a list to avoid impulse buys
This is key! Especially when shopping with kids or a significant other!
Shopping for groceries with a list is a golden rule to avoid impulse buys, which can quickly derail your budget. By planning your purchases beforehand, you stick to the essentials and resist the temptation of sale items that aren’t on your list or don’t fit your meal plan.
Bonus Tip: Remember to always shop on a full stomach – hitting the grocery store hungry is a surefire way to end up with impulse purchases that aren’t on your list!
22. Buying generic brands instead of name brands
Opting for generic brands rather than name brands is a straightforward and effective way to save money on everything from groceries to over-the-counter medications. These products are often of similar quality and effectiveness but come at a significantly lower cost.
By making the switch to generics, especially for regularly used items, the aggregate savings can be substantial over time.
23. Making bulk purchases for commonly used items to save on cost-per-unit
When you buy in larger quantities, the cost per unit typically decreases, leading to savings that add up over time. Bulk buying works best for non-perishable goods or products you use consistently.
Make a point of buying non-perishable items or products with a long shelf life in bulk to avoid waste and ensure that you truly save money with each bulk purchase.
Just make sure you are going to use it!
24. Cutting costs on personal care by DIY methods
DIY methods for personal care are not just a trend – they’re a practical and often healthier alternative to store-bought products. By creating your own beauty and personal care items, you can significantly trim costs and take control of what goes on and into your body.
Even if you’re not the crafty type, consider starting small with something like a DIY sugar scrub or homemade toothpaste. This is something I did over ten years ago. You might discover a new hobby that enhances both your well-being and your budget.
25. Regular maintenance of vehicles and appliances to prevent costly repairs
Keeping on top of maintenance schedules helps prevent major breakdowns that can lead to expensive repairs down the line.
By making regular maintenance a non-negotiable part of your routine, you protect your investments and save yourself from future financial headaches.
I keep a list in my digital to do list, so I never lose track.
26. Shopping at thrift stores, garage sales, or second-hand websites
Shopping at thrift stores, garage sales, or second-hand websites is an excellent way to acquire items at a fraction of the retail cost. Not only are you being financially savvy, but you’re also participating in the circular economy, reducing waste, and often supporting charitable causes.
Shopping second-hand first is not just about saving money—it’s a lifestyle choice. With patience and persistence, it’s amazing what quality items you can find without impacting your wallet heavily.
27. Learning basic sewing to repair clothes
Mastering the basics of sewing to mend your clothes is a skill that pays off in multiple ways. You save money by extending the life of your garments, reducing waste, and developing a practical capability that can come in handy in various situations.
Honestly, sewing a piece of clothes is a very simple thing. Something that must be learned by the younger generations.
Consider setting aside some time to learn sewing basics via online tutorials, community classes, or even from a friend or family member—it’s a practical step toward financial savings and sustainable living.
28. Utilizing coupons and discounts for shopping
Using coupons and discounts strategically can lead to significant savings on your shopping bills. With a little planning and some savvy shopping techniques, you can ensure you never pay full price for essentials and other purchases.
Remember to only use coupons for items you were already planning to purchase; otherwise, you’re not saving money, you’re just spending less on something extra.
29. Consolidating debt to reduce interest rates
Debt consolidation can be a strategic financial move to lower your overall interest rates and simplify your monthly payments. By combining your debts into one loan with a lower interest rate, you can streamline your bills and potentially save significant amounts of money over time.
Make sure to shop around for the best debt consolidation options and read the fine print. The goal is to find a consolidation plan that truly puts you on a faster track to being debt-free without any hidden costs.
30. Tackle High-Interest Debts First to Free Up More Cash
Addressing high-interest debts is paramount in optimizing your financial strategy. Such debts, often from credit cards or payday loans, can spiral out of control if not managed promptly due to their compound interest rates, which can quickly exceed the original amounts borrowed.
This is known as the debt avalanche.
By zeroing in on high-cost debts, you ensure your income is spent more effectively and not wasted on steep interest fees, accelerating your path to financial freedom.
31. Choose the Right High-Yield Savings Account for Your Emergency Fund
Selecting the right high-yield savings account for your emergency fund is an essential move for growing your savings. High-yield accounts offer interest rates significantly higher than standard accounts, ensuring your emergency fund doesn’t stagnate and keeps pace with inflation as much as possible.
This is one of the bank accounts you need.
32. Implement The Envelope System
The Envelope System is a budgeting method that involves physically dividing your cash into envelopes for different spending categories.
Utilizing the cash envelope system promotes disciplined spending by providing a tangible limit on various expense categories, ensuring you stay within your pre-determined budget and facilitating more intentional money management.
This method also offers immediate visual feedback on spending patterns, which can lead to better financial habits and incremental savings as any leftover cash from each envelope can be added directly to a savings fund, making the act of saving more rewarding and motivating.
33. Using cash -back envelopes to track spending
The use of cash-back envelopes takes the traditional envelope budgeting system a step further by rewarding yourself with savings.
Whenever you spend less than the allocated amount in a budget category, you place the cash difference into a “cash-back” envelope, which can be used for saving or investing.
Adopting the cash-back envelope strategy can provide a rewarding twist to budgeting, making it a fun challenge to spend less and save more.
Boost Your Income: Creative Side Hustles and Opportunities
Boosting your income can provide substantial financial relief, particularly when you’ve maximized your ability to cut costs and still find your expenses stretching your budget thin.
Generating extra income, be it through a side hustle or achieving a raise enhances your ability to save and invest.
With additional streams of revenue, you gain more financial flexibility to achieve goals like paying off debt faster, saving for a significant purchase, or building an emergency fund.
Finding a side hustle or part-time job for additional income
Exploring a side hustle or part-time job is a proven way to supplement your income. In today’s gig economy, there are numerous opportunities for flexible work that can be customized to fit your skills and schedule.
A side hustle can not only pad your wallet but also provide an outlet for creativity and passion, possibly even offering a new career trajectory down the line.
Explore Gig Work and Passive Income Streams
Exploring gig work and passive income streams can accelerate your savings efforts, especially when your regular income isn’t enough to reach your financial goals. These alternative income ideas often provide the flexibility to work on your terms and build up earnings over time.
These revenue channels provide a proactive approach to increasing your disposable income. Researching and choosing the best options for your skills and financial situation can help you build a sound extra income strategy.
Take Advantage of Bank Bonuses and Credit Card Bonuses
Banks often offer attractive incentives to new customers, and high-interest savings accounts can grow your deposits at a faster rate than traditional accounts. The same is true for credit card issuers offering big bonuses.
Taking time to research the best offers and account terms can net you a nice bonus and put your money to work earning more money.
Learn How to Invest Your Money
Learning how to invest your money is paramount to building wealth over time. While it can seem intimidating at first, understanding the basics of investing can enable you to take advantage of compounding interest and market growth to increase your savings exponentially.
Start small, stay disciplined, and continually educate yourself as you grow your investment portfolio. Over time, your investments can become a significant source of wealth and financial security.
Learn how to invest in stocks for beginners.
FAQs: Navigating the Path to Low-Income Savings Success
Saving money when your income barely covers your fixed expenses requires a strategic approach. Begin by scrutinizing your budget to cut any non-essential costs.
Look for ways to reduce your fixed monthly expenses, like negotiating bills or refinancing loans.
Every small change can contribute to your savings, so focus on making incremental adjustments that together can enhance your financial situation.
Even when funds are tight, saving money is possible by making small but impactful changes.
Prioritize reviewing your expenses and identifying areas to cut back, such as non-essential subscriptions or eating out.
Round up loose change or small amounts from your daily transactions into savings.
Seek free entertainment options and consider generating additional income through side hustles or selling items you no longer need.
Each penny saved is a step towards your financial cushion.
Setting Realistic Savings Goals and Celebrating Milestones
Setting realistic savings goals is a key to financial success, particularly when managing a low income.
Determine what you can feasibly save without overstretching your budget. Whether it’s $5 or $50 per week, every bit helps.
Celebrating your achievements, no matter how small, can inspire continued discipline and dedication towards your financial objectives.
Being realistic and flexible with your budget will help you manage your finances more efficiently, ensuring that you set aside money for future growth, even when funds are tight.
This is a great step towards habits of financially stable people!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Set against the vast desert landscape of Arizona, the city of Mesa embodies the essence of Southwestern living. As the third-largest city in the state, Mesa boasts a unique blend of rich cultural heritage, outdoor adventure, and modern amenities. From its historic downtown district to the breathtaking vistas of the nearby Superstition Mountains, Mesa offers residents a lifestyle that seamlessly intertwines tradition with innovation. With over 300 days of sunshine each year it’s no wonder people find themselves asking, “Should I move to Mesa?” In this article, we’ll discuss the pros and cons of living in this city to help you decide if it’s the right place for you. Let’s get started.
Mesa at a Glance
Walk Score: 38 | Bike Score: 60 | Transit Score: 27
Median Sale Price: $458,500 | Average Rent for 1-Bedroom Apartment: $1,300
Mesa neighborhoods | Houses for rent in Mesa | apartments for rent in Mesa | Homes for sale in Mesa
Pro: Plenty of outdoor activities
Mesa is a paradise for those who love the outdoors. With its proximity to the Tonto National Forest and the Superstition Mountains, locals have easy access to hiking, mountain biking, and camping. The city’s parks, such as Red Mountain Park, offer ample green spaces for picnics, sports, and leisure activities. The Salt River provides opportunities for tubing and kayaking, making Mesa a great place for adventure seekers and nature lovers.
Con: Summer heat
One of the biggest challenges of living in Mesa is the intense summer heat, with temperatures often soaring above 100 degrees Fahrenheit. This extreme weather can limit outdoor activities during the hottest months, from June to September. Residents must rely heavily on air conditioning, leading to higher electricity bills. The heat also can also pose health risk for some individuals.
Pro: Exciting cultural attractions
Mesa boasts a vibrant cultural scene unique to the city. The Mesa Arts Center is a hub for arts and entertainment, offering theater productions, concerts, and art exhibitions. The Arizona Museum of Natural History and the i.d.e.a. Museum is a popular place to visit for those interested in science and creativity. These cultural institutions enrich the community, providing educational and leisure activities for all ages.
Con: Public transportation limitations
While Mesa offers some public transportation options, including buses and a light rail that connects to Phoenix, the system’s coverage is limited. With a Transit Score of 27, it can be challenging for those without a car to navigate the city efficiently. The reliance on personal vehicles contributes to traffic congestion and can be a barrier for residents seeking eco-friendly transportation options or those who prefer not to drive.
Pro: Economic growth
Mesa has been experiencing significant economic growth, attracting businesses and job seekers alike. The city’s strategic location in the Phoenix metropolitan area, coupled with a supportive business environment, has led to the development of key industries, including aerospace, healthcare, and technology. This growth provides locals with diverse employment opportunities and contributes to the local economy.
Con: Air quality concerns
Due to its location in the Valley of the Sun and the presence of industrial activities, Mesa sometimes faces air quality issues. Dust storms, known locally as “haboobs,” along with high ozone levels, can affect those with respiratory conditions. The city’s air quality can be a concern, particularly during the summer months when pollutants tend to accumulate.
Pro: Proximity to other cities
Mesa’s location in the Phoenix metropolitan area offers the advantage of being close to other cities, including Phoenix, Scottsdale, and Tempe. This proximity allows people to easily access the amenities, job opportunities, and entertainment options available in these neighboring cities. Whether for work or leisure, Mesa’s central location provides the best of both worlds—suburban comfort with urban convenience.
Con: Summer water usage restrictions
Due to the desert climate and the need for water conservation, Mesa sometimes implements water usage restrictions, especially during the hot summer months. These restrictions can affect activities such as watering lawns or filling swimming pools. While necessary for sustainability, these measures can be inconvenient for residents and require adjustments to daily routines.
Pro: Good biking infrastructure
With a Bike Score of 60, Mesa has a network of bike-friendly routes, trails, and amenities that make cycling a convenient mode of transportation and recreation for residents. For example, the Mesa Canal Path follows the historic Arizona Canal and provides cyclists with scenic views of the city. Additionally, Mesa features dedicated bike lanes and shared pathways along major roads and streets, enhancing safety and accessibility for cyclists.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Las Vegas, NV, isn’t just a place for tourists to enjoy; it’s also an exciting city for locals. Known for its bright lights and endless entertainment options, living here means you’re never far from an adventure. But “Should I move to Las Vegas?” is a question many wonder. Beyond the Strip, this city offers unique neighborhoods and a desert landscape that’s perfect for outdoor enthusiasts. Las Vegas combines the thrill of a 24/7 city with the comforts of home, making it a one-of-a-kind place to live. Before packing your bags, it’s important to know the city’s strengths and weaknesses to make sure it’s the right fit for you. In this article, we’ll discuss the pros and cons of living in Las Vegas that may help you make your decision. Let’s get started.
Las Vegas at a Glance
Walk Score: 42 | Bike Score: 46 | Transit Score: 36
Median Sale Price: $430,000 | Average Rent for 1-Bedroom Apartment: $1,280
Las Vegas neighborhoods | houses for rent in Las Vegas | apartments for rent in Las Vegas | homes for sale in Las Vegas
Pro: Vibrant nightlife
Las Vegas, known globally as “The Entertainment Capital of the World,” offers an unparalleled nightlife experience. From world-class DJs at top-tier clubs to iconic shows and performances, the city caters to every taste and preference. The Strip lights up with possibilities, making every night a potential adventure. This unique aspect ensures there’s always something exciting happening, no matter the day of the week.
Con: Extreme summer heat
The desert climate of Las Vegas brings with it extreme heat, especially during the summer months. Temperatures often soar above 100 degrees Fahrenheit, which can be uncomfortable and limit outdoor activities. While many indoor places are air-conditioned, the intense heat can be a significant deterrent for those wishing to explore the natural beauty surrounding the city or engage in daytime outdoor events.
Pro: World-class dining
Las Vegas offers amazing dining experiences, featuring restaurants from renowned chefs from around the globe. Restaurants like Joël Robuchon at MGM Grand, led by the legendary French chef, offer exquisite tasting menus featuring meticulously crafted dishes. Additionally, Las Vegas is home to celebrity chef restaurants like Gordon Ramsay’s Hell’s Kitchen at Caesars Palace and Bobby Flay’s Mesa Grill at Caesars Palace. The city’s thriving food scene extends beyond the famed Strip. Local favorites like Lotus of Siam and Carson Kitchen showcase the culinary diversity and creativity that Las Vegas has to offer.
Con: Water scarcity
Being in the Mojave Desert, Las Vegas faces significant challenges with water scarcity. So much so that the city ranks #2 in U.S. for cities most at risk of droughts. The city relies heavily on the Colorado River for its water supply, which is becoming increasingly stressed due to overuse and climate change. This situation has led to water restrictions and conservation efforts that impact residents’ daily lives, from landscaping choices to water usage habits.
Pro: Outstanding entertainment and events
Aside from nightlife, Las Vegas is a hub for entertainment, hosting numerous concerts, sports events, and conventions, year-round. Sports enthusiasts can cheer on teams like the Vegas Golden Knights (NHL) at the T-Mobile Arena or the Las Vegas Raiders (NFL) at the stunning Allegiant Stadium, both located just off the Strip. The Las Vegas Motor Speedway hosts NASCAR races and other motorsport events, attracting fans from around the world. For those interested in conventions, Las Vegas is renowned for its expansive convention center. It features trade shows, expos, and conferences covering various industries, from technology and gaming to hospitality and healthcare. These events ensure that residents and visitors have access to plenty of entertainment options beyond the casino floors.
Con: Traffic congestion
With its popularity as a tourist destination, Las Vegas experiences significant traffic congestion, especially on The Strip and surrounding areas. Major events and conventions can exacerbate this issue, leading to longer commute times for locals. This congestion is a consideration for those who value ease of mobility and a more relaxed pace of life.
Pro: Thriving arts scene
Las Vegas is home to a thriving arts scene that goes beyond its famous shows and performances. The Arts District, located in downtown Las Vegas, is a testament to the city’s commitment to the arts, offering galleries, studios, and unique boutiques. First Friday events in this area showcase local artists and musicians, providing a platform for creative expression and community engagement.
Con: Limited public transportation
Compared to other major cities, Las Vegas has a low Transit Score of 36. While Las Vegas does have public transportation, options can be limited, especially outside of the central tourist areas. The reliance on cars can be a drawback for those without vehicles or those who prefer more sustainable modes of transportation. Efforts are being made to improve this, but it remains a consideration for daily commuting and travel within the city.
Pro: Access to healthcare
Las Vegas offers access to quality healthcare facilities, including the Cleveland Clinic Lou Ruvo Center for Brain Health and the University Medical Center. These institutions provide residents with advanced medical care and research opportunities. The presence of such facilities ensures that residents have access to some of the best healthcare services in the region.
Con: Dependence on tourism
The economy of Las Vegas is heavily dependent on tourism, which can be both a strength and a vulnerability. Economic downturns or global events that reduce tourist numbers can have a significant impact on the city’s economy. This dependence on a single industry can affect job security and economic stability for those working in and around the tourism sector.
Pro: Plenty of outdoor recreation opportunities
Las Vegas is not just about indoor entertainment; it’s also a gateway to some of the nation’s most beautiful parks and recreation areas. Residents can enjoy a short drive to Red Rock Canyon for hiking, rock climbing, or biking. Similarly, Lake Mead offers water sports and camping opportunities. These natural attractions provide a perfect escape from the city’s hustle and bustle.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Do you find yourself thinking, “Should I move to Los Angeles, CA”? If you do, then you know that Los Angeles is not just any city. It’s a dynamic place where dreams take flight, and the sun almost always shines. From the iconic Hollywood sign to the bustling streets of downtown, LA is full of life and diverse cultures, making it a melting pot of ideas and creativity. Living here means you’re never far from the beach or a stunning hiking trail, offering a unique blend of urban living and nature’s beauty. Plus, with its world-famous entertainment industry, you might just bump into a celebrity while grabbing your morning coffee.
If you’re considering making the move to the City of Angels, you’re in the right place. In this article, we’ll discuss the pros and cons of living in Los Angeles to help you decide if it’s the right place for you. Let’s dive in.
Los Angeles at a Glance
Walk Score: 69 | Bike Score: 59 | Transit Score: 53
Median Sale Price: $975,000 | Average Rent for 1-Bedroom Apartment: $2,687
Explore Los Angeles neighborhoods | homes for sale in Los Angeles | houses for rent in Los Angeles | apartments for rent in Los Angeles
Pro: Diverse culinary scene
Los Angeles boasts an incredibly diverse culinary scene, reflecting its multicultural population. From authentic Mexican tacos in East L.A. to Korean BBQ in Koreatown and innovative vegan options scattered throughout the city, there’s something to satisfy every palate. The city is also home to numerous Michelin-starred restaurants, including Providence, Mélisse, and Somni. These exquisite dining experiences draw food enthusiasts from around the globe to LA.
Con: Traffic congestion
One of the most notorious aspects of living in Los Angeles is its traffic congestion. With a lower Transit Score of 53, the city’s sprawling layout, and heavy reliance on car transportation mean residents often face long commute times. This problem becomes more intense, especially during rush hours. This can lead to increased stress and less free time for leisure activities or family. Despite efforts to improve public transportation, traffic remains a significant challenge for the city.
Pro: Entertainment industry hub
Los Angeles is globally recognized as the heart of the entertainment industry. Home to Hollywood, it offers unparalleled opportunities for those aspiring to careers in film, television, music, and beyond. Similarly, musicians have a lot of opportunities with renowned music venues like the Troubadour and the Hollywood Bowl nearby. The city also hosts numerous film premieres, award shows, and industry events, providing locals with a front-row seat to the entertainment world. This vital sector also contributes to the city’s dynamic cultural landscape and economy.
Con: High cost of living
The cost of living in Los Angeles is 50% higher than the national average. From housing to groceries, nearly every aspect of daily life tends to come with a hefty price tag. The city consistently ranks among the most expensive places to buy a home in the United States, with sky-high rents and property values making homeownership a distant dream for many. The exorbitant cost of living in Los Angeles poses a significant challenge for residents, especially those with modest incomes or limited financial resources.
Pro: Beautiful weather
Los Angeles is famed for its mild, sunny climate year-round, making it an ideal location for outdoor enthusiasts. The city boasts an average of 284 sunny days per year, allowing residents to enjoy beaches, hiking trails, and parks regularly. This pleasant weather also supports a lively outdoor dining and social scene, contributing to the overall quality of life in the city.
Con: Air quality issues
Despite its sunny skies, Los Angeles struggles with air quality issues, primarily due to vehicle emissions and industrial pollution. The city frequently ranks among those with the worst air pollution in the nation, which can pose health risks, particularly for individuals with respiratory conditions. Efforts are ongoing to improve air quality, but it remains a concern for residents.
Pro: Cultural diversity
Los Angeles is a melting pot of cultures, offering a rich tapestry of experiences that reflect its diverse population. The city celebrates this diversity through numerous cultural festivals, museums, and neighborhoods like Little Tokyo and Little Armenia. This cultural richness enhances the social fabric of Los Angeles, fostering a sense of global community and understanding among its residents.
Con: Water scarcity
Located in a region prone to droughts, Los Angeles faces ongoing challenges with water scarcity. This environmental issue affects everything from residential water use to the sustainability of local agriculture. Residents are often subject to water usage restrictions and are encouraged to adopt water-saving measures, highlighting the importance of conservation in the city’s daily life.
Pro: Innovative tech scene
Should I move to Los Angeles if I don’t want to be in entertainment business? Los Angeles is not just about entertainment; it’s also a growing hub for the tech industry, often referred to as Silicon Beach. The city attracts startups and established tech companies alike, offering opportunities in digital media, aerospace, biotech, and more. This burgeoning tech scene provides a wealth of employment opportunities and fosters a culture of innovation and entrepreneurship.
Con: Seismic activity
Los Angeles is situated in a region with significant seismic activity, making earthquakes a reality of life in the city. While strict building codes and emergency preparedness efforts aim to mitigate the impact, the threat of a major earthquake is an ever-present concern for residents. This geological reality influences everything from insurance costs to personal and community safety measures.
Pro: Access to nature and recreation
Los Angeles offers easy access to a wide range of natural landscapes and recreational activities. From the beaches of Santa Monica and Malibu to the hiking trails in the Santa Monica Mountains and skiing opportunities just a few hours away, the city is perfectly positioned for those who love the outdoors. This access to nature contributes significantly to the lifestyle benefits of living in Los Angeles.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
There are many changes you can make to reduce the environmental impact your home and your daily life has on the planet. Even simple adjustments like using green cleaning products, finding ways to reuse your kitchen scraps, or locking your windows shut, can lead to less waste and energy savings. Whether you just bought a house in Miami, Los Angeles, or anywhere in between, here are some great ways to save energy, reduce your carbon footprint, and save money all from the comfort of your own home.
Reconsider your grocery shopping habits
To reduce waste and save energy at home, adopt eco-friendly grocery shopping habits.
“Subscribing to a milk delivery service with reusable glass bottles, reusing bags at a bulk grocery store, and selecting glass or metal packaging can make a tremendous difference in reducing our consumption of plastics,” says Lyons, CO-based BrightHeart Decor.
These simple adjustments in your grocery shopping routine can make a significant difference in promoting sustainability at home.
Save energy with LED lighting
In addition to upgrading the look of your home’s interior, changing up the lighting can make your home more efficient. LED bulbs are much more energy-efficient than other alternatives, and incorporating them throughout your home is an easy way to conserve energy.
“The easiest DIY way to save energy is to install LED lighting and click the thermostat one to two degrees up or down,” according to Edge Energy “Another way to conserve energy is to get an energy audit and do basic installations of any cost-effective retrofits.”
Reduce your household’s consumption of water
A common area of waste in many households is water usage. The average US household consumes over 300 gallons of water per day, and much of this is unnecessary. If you’re looking for ways to save water, simply being mindful of when the water is running unnecessarily can go a long way.
“Try cutting down on your daily water usage at home by saving six liters of water a minute by turning off your tap while you brush your teeth,” suggests Bamboodu, an online store that specializes in eco-friendly products. “Use natural biodegradable cleaning products that don’t contain chemicals, and install taps and showers with automatic shut-off.”
Use smart home technology to save energy and avoid expensive repairs
We all know that technology has made our lives easier, but it can also save money by reducing energy waste. Sensors on home appliances can not only prevent food and energy waste, but also alert homeowners to potential issues that could prove costly if missed.
“Smart homes enable homeowners to save energy and money by automatically regulating lights and thermostats using geofencing and motion sensor technology,” says Agile Home Automation. “Leak detectors can notify homeowners of problems before they become costly repair situations. Freezer and refrigerator sensors can notify homeowners if a door is not closed properly, or if the unit is beginning to fail before the food is ruined.”
“Using automation for lighting, temperature control, and window coverings is the most cost-effective way to reduce waste, and manage and save energy use in your home,” adds Brad Smith, president of Audio Video Design. “Today’s products sync with circadian rhythms and the astronomical clock for personal and precise customization.”
Be friendly to the environment (and your pocket) by going solar
With recent improvements in solar technology, saving money on electricity with solar panels is easier than it’s ever been. Take advantage of clean energy and save yourself some money in the process.
“Homeowners can install solar on their roof or property and pay no more than they were paying for electricity before, and hedge against rising electric costs while making the planet a cleaner place to live,” says Madison, NJ -based Green House Solar. “Not only will solar save energy, but it will also increase the resale value of your home.”
“Homeowners can save energy and get a greater return on investment by pairing their solar system with a smart home system,” adds Freedom Forever, a Temecula, CA-based company that combines solar and smart technology. “These systems enable homeowners to schedule when appliances consume electricity, allowing you to use more of your solar power and send less to the grid.
Find ways to save and reuse your produce
A great way to prevent food waste is by getting the most out of your produce scraps. Get more out of your veggies by using the scraps for a homemade vegetable broth.
“To make the most of your produce, save your vegetable scraps,” says blogger Nutti Nelli. “Once you fill up a half-gallon of scraps, bring five cups of water to a boil and add your veggie scraps, one teaspoon of salt, and one teaspoon of black pepper, and simmer for one hour. Drain the scraps, and now you have four cups of vegetable broth to use for cooking, soups, curries, or stews.”
Think twice about the cleaning products you’re using
When it comes to eco-friendly cleaning products, the first thing that probably comes to mind is biodegradable products. While these are great, you can go a step further by eliminating plastic packaging entirely.
“Save space and eliminate plastic from your cleaning routine when you use USDA certified biobased products,” says Beyond Clean Products, a company that specializes in eco-friendly cleaning products. “Consider incorporating detergent sheets and auto dish tabs that are 100 percent plastic-free.”
Keep windows locked to avoid any air leaks
Whether you’re running the AC during the summer or heating your home in the chilly winter months, the last thing you want is to run up your bill because of air leaks. Locking your windows not only secures your home, but also the air inside it.
“Keep your windows locked to save energy in your home, says Home Energy Saving Solutions. “The lock is not only for security, but it also keeps the window close-packed and creates a seal along the weather-stripping of the window. An unlocked window is an open window.”
Recycle your leftover household paint
If you’ve got leftover paint lying around after a recent home project, you may be wondering how exactly you’re supposed to get rid of it. Product Care Recycling cautions against simply throwing old paint in the trash.
“A fresh coat of paint can give your home new life,” they say. “However, leftover paint, like other hazardous household products, does not belong in the trash. It should be recycled to avoid contaminating our soil and water sources and to divert landfill waste.”
Enrich your soil and decrease landfill waste
Whether you already have a home garden or just want to help the environment, composting is a great way to get the most out of your food waste. The planet will appreciate it and so will your plants.
“Composting is one of the most impactful actions you can take to both reduce household waste heading to landfills and create an ultra-nourishing natural resource that your garden will love,” says Sustainable Jungle, a website that shares sustainability tips and tricks. “Some cities even offer discounts on composters to help encourage this community supporting activity.”
Use dimmable indoor lighting
Home lighting is another area where energy waste can take place. Since most light bulbs operate at full capacity when turned on, you may end up using more energy than you need to keep your home lit, especially during the day. Dimmable lights give your home a more natural glow, saving energy in the process.
“One of the most effective ways to reduce your electricity bill is to install a lighting control system or smart lighting,” says TSP Smart Spaces. “We’re all used to running our lights at 100 percent, but the reality is that not only do we not need to use 100 percent of the energy of a bulb all the time. Dimmable LEDs create a much more enjoyable living experience, and natural lighting that costs 20 to 50 percent less to run compared to regular switches.”
A shift in demographics. Affordable apartments transformed into luxury condos. A coffee shop called something like “Brew Slut.”
The signs of gentrification take many forms. A newly opened art gallery can serve both as a communal space and a harbinger of the displacement to come. Remodeled homes might boost a street’s curb appeal but then drive up rents in the ensuing months and years.
There are plenty of ways to tell when gentrification is coming to a community; rising home prices and an influx of trendy shops are classic omens. But in the modern market, developers are flipping houses at the highest rate since 2000, and the houses they churn out are often homogeneous: boxy, black and white, minimalist. They’re adorned with trendy house number fonts and chic drought-tolerant gardens, and they can be an obvious sign of gentrification on the way.
Advertisement
Take a stroll through your neighborhood and keep an eye out for these trends. If you spot a few, gentrification may be on the way. If you spot a bunch, it might be well underway.
The gentrification font
If Neutraface starts speckling the homes and fences around your neighborhood, your rent might soar soon.
The sleek typeface and its many knock-offs have become so commonplace that they’ve become a meme, and the Guardian even declared it “the gentrification font.” It crowns countless brand-new builds across L.A., and like certain wines and cheeses, it pairs well with cheaply done fixer-uppers or the aforementioned box houses.
House numbers are presented in a chic font.
(Jack Flemming / Los Angeles Times)
“The Shake Shack font has invaded,” said Steven Sanders, a Highland Park resident who has lived in the rapidly changing neighborhood since 2015. When Sanders moved there, the median single-family home value was around $463,000, according to Zillow. Today, it’s $1.002 million.
There’s nothing specifically wrong with the font; it’s clean, modern and easy to read. Ironically, it’s named after Richard Neutra, an iconic architect who often stressed affordability in his work.
Advertisement
If a for-sale house has a Neutraface house number, the listing price will probably be anything but affordable.
Gentrification bonus point: if the font is also brass or gold.
Black-and-white paint jobs
This two-story home features a black-and-white exterior.
(Jack Flemming / Los Angeles Times)
Gentrification, in terms of housing, has become a monochromatic movement. Gone are the green-colored Craftsmans or the pink-hued bungalows of old; today, newly built homes are overwhelmingly white, black or a brutal combination of the two.
“Taste aside, a black house in an era of climate change is ridiculous,” said Adam Greenfield, a transportation and land-use advocate.
Gentrification bonus point: if a black-and-white exterior comes with an accent door — a splash of bright blue, yellow or turquoise to showcase that the property isn’t completely devoid of character. Just mostly devoid of character.
Excess security cameras
Multiple cameras are posted outside an Eagle Rock home.
(Jack Flemming / Los Angeles Times)
If you’re taking a stroll down your street and feel watched — not by anyone specific, but by a small army of Ring doorbells, Nest cameras and other electronic eyes making sure you don’t pick a Meyer lemon or your dog doesn’t defecate on the decomposed granite — brace for a new brand of neighbor.
Surveillance systems and the context behind them, in which owners view their neighbors and passersby as potential package-stealers, are all too common in gentrifying communities. For if it were truly a high-crime place, there would still be chain link and barred windows.
There’s plenty of evidence that smart doorbells lead to racial profiling, and while there’s nothing inherently wrong with security systems, they generally detract from the community feel instead of adding to it.
“It’s the degradation of the social fabric that for so long we all took for granted,” Greenfield said. “It’s legitimate to walk up to a neighbor’s door to ask for or offer something, and security cameras and warning systems discourage that. We can’t let fear win in our society.”
Gentrification bonus point: if they come with a speaker with a disembodied voice that barks at passersby in a condescending tone: “Hi! You are currently being recorded.”
Privacy fences
Sometimes, surveillance systems aren’t enough. Many modern homeowners moving into new neighborhoods don’t even want to be seen by neighbors, so they install privacy fences or towering hedges to shield themselves from anyone walking by.
Greenfield calls them “f— you fences.”
“Many people were raised in the suburban sprawl, where they don’t have as much access to other people. Then they move to denser areas and import those suburban norms of separation and privacy,” Greenfield said.
Lola Rodriguez, a Lincoln Heights resident who grew up in the area, said if a home in the neighborhood is ever hidden from view, it’s usually someone who just moved in.
Gentrification bonus point: if the privacy fence is chic and stylish, like the horizontal trend that has taken over in some areas.
Box houses
This modern five-bedroom home listed by Avo Atnalian in the hills of Highland Park is on the market for $2.498 million.
(Avo Atnalian)
One of the more uninspired architectural trends of the last century, modern box houses forgo attempts at character or ornamentation, instead serving as shrines to simplicity. They worship at the altar of minimalism, squeezing out as much square footage as zoning laws will allow.
They’re clean, they’re simple, and they’re a likely sign that a new demographic is moving into a neighborhood.
“It’s jarring seeing a bright white box house jammed between older houses with more character,” Rodriguez said. She prefers the neighborhood’s stock of century-old bungalows over the new homes being built.
The polarizing style isn’t for everyone, but it’s a hit for deep-pocketed buyers eyeing extra space. And box houses are quicker and cheaper to build for profit-minded developers, who will keep cranking out supply as long as there’s demand.
Gentrification bonus point: if the box house includes a glass garage door.
This modern home features a glass garage door.
(Jack Flemming / Los Angeles Times)
Drought-tolerant gardens
To be clear, the ecological benefits of drought-tolerant landscaping make it a net positive for Southern California. Limited water usage is absolutely a good thing.
But such gardens aren’t always cheap, and if they start popping up in neighborhoods where most residents can’t afford to spend thousands of dollars, sometimes tens of thousands, on their yard, it could be a sign of gentrification.
Most carry the same look: a handful of shrubs, succulents and cacti surrounded by gravel or decomposed granite, giving it a sandy, desert-like quality.
Drought-tolerant plants outside an Eagle Rock home.
(Jack Flemming / Los Angeles Times)
Kerry Kimble and Steven Galindo, two real estate agents with the Agency, said they’ve noticed an increase in drought-tolerant gardens in neighborhoods such as Echo Park, Highland Park and Silver Lake, where displacement has already been happening for years.
The majority of Kimble’s listings are in northeast L.A., and she said she’s noticed a surplus of succulents.
Galindo said some developers add drought-tolerant gardens to attract potential buyers.
“Developers remodel homes for the taste of the gentrifier,” he said.
The pair are currently listing a 106-year-old duplex in Angelino Heights, a neighborhood protected by a Historic Preservation Overlay Zone, which preserves a community’s architectural feel by limiting new building designs and renovations. But not every neighborhood enjoys such protection.
Firestick plants fill the gardens of many homes in gentrified neighborhoods.
(Jack Flemming / Los Angeles Times)
Gentrification bonus point: if the garden is riddled with Firestick plants — the trendy, orange-tipped succulents that seem to anchor every lawn in those “up-and-coming” neighborhoods.
Little Free Libraries
Listen, these are lovely. Unlike surveillance systems and privacy fences, little libraries actually evoke a sense of community, bringing neighbors together over a shared love of literature (even though most generally seem to be stocked exclusively with James Patterson novels and unreadable how-to books).
A Little Free Library is posted outside a home.
(Jack Flemming / Los Angeles Times)
The charming, birdhouse-like structures certainly don’t cause gentrification, despite what a handful of critics have claimed over the years. But they definitely seem to be a product of gentrification, usually popping up in areas where home prices are rising and well-to-do residents are moving in.
Gentrification bonus point: if a smart doorbell camera watches over the library, making sure nobody takes more than their fair share of books.
Pointed listing language
Sometimes, the clearest sign of gentrification is hearing how people are talking about a neighborhood and the homes within it. There’s a wealth of such examples posted daily on Zillow, Redfin and other listing sites as real estate agents take on certain tones to market properties to potential buyers.
For example, if a listing brags about the home being some kind of port in a storm, a refuge from the area around it, a ship of gentrifiers might be sailing in. One listing in Boyle Heights is touted as an “urban oasis.” Another in South L.A. promises to add “a touch of serenity to urban living.”
Also pay attention to whether a listing is marketed as an actual place to live or simply an investment opportunity. This listing near Leimert Park asks potential buyers to “come see your future investment today.” An Elysian Heights listing touts its use as an Airbnb.
Gentrification bonus point: if the language sounds like an extra flowery wellness ad, such as this listing in East L.A.: “Imagine stepping into a world where every corner whispers tales of renewal.”
Inside: Balancing a shoestring budget is possible and provides great rewards. With savings and budget strategies, you will find genius tips to manage your finances smartly!
With the rise of economic inflation, a growing number of people are finding the need for shoestring budgets to effectively navigate through their expenses.
Whether it’s planning for a low-cost holiday, initiating a frugal home makeover, or launching a start-up business with minimalist funds, the concept of a shoestring budget comes into play.
Moreover, it’s not only limited to low-income families but also extends to larger households and entrepreneurs that need to strategically lessen costs to achieve their goals. This is how many people reach financial independence sooner.
Then, let’s talk about a shoestring budget – an effective tool used to stretch finite resources, manage money wisely, and achieve financial goals, all while minimizing expenses.
If you’re familiar with the feeling of every dollar in your wallet counting, then this blog post is for you.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is a Shoestring Budget?
A ‘shoestring budget’ means to accomplish a task or a project within a very limited or bare minimum budget. The shoestring budget work strategy involves curbing discretionary spending dramatically to take care of high-priority expenses.
Understood across various contexts like travel, events, and lifestyle, the term implies an approach of resourcefulness and discovery of low-cost alternatives to achieve desired results.
Not exclusive to households with low incomes, working with a shoestring budget expresses the art of making what’s deemed impossible possible, navigating time constraints, and maximizing minimal available funds.
Shoestring Budget Idiom Definition
According to Merriam-Webster, the official definition of a shoestring budget is: 1
“involving a relatively small amount of money for planned spending.”
‘Shoestring Budget’ Origin
The phrase ‘shoestring budget’ has an intriguing origin story that dates back to the 1800s in the United States. Fact-checks reveal that this term is indeed a reference to the precarious nature of a thin and weak shoestring, metaphorically implying a scarce and strained budget.2
Several theories have been proposed regarding its original use.
One theory suggests that the term ‘shoestring gambler,’ meaning someone gambling with a limited budget, might be the precursor to the idiom.
Another theory, based on British history, suggests that prisoners would lower a shoestring out of their cell to collect small donations from passersby, symbolizing the idea of managing with few resources.
Despite the debates around the phrase’s exact origins, it is undisputed that it signifies a tight budget situation.
How to live on a shoestring budget?
Living on a shoestring budget can be challenging but doable with a bit of dedication and planning.
Start by reviewing your regular expenses per month.
Cut down on unnecessary expenses as much as possible.
Monitor your small, daily expenses as they can add up significantly over time.
Refinance any existing debt to reduce interest payments.
Renegotiate contracts with utility providers, subscription services (consider uninstalling unused ones), or insurance for better rates.
Shop at thrift stores or choosing used items over brand new can also help you save.
The key to surviving a shoestring budget is self-control and determination to avoid impulsive spending.
Your goal is to prioritize essential needs over wants – a no spend challenge will help you with this. Remember, regular tracking and analysis of your personal site usage can provide valuable insights to manage your budget better.
How to travel on a shoestring budget?
Embarking on an adventure while on a shoestring budget requires creativity and pre-planning.
Be flexible with your travel dates, destinations, and mode of transport to take advantage of the best deals available.
Consider options such as budget airlines, off-peak travel times, and less touristy locations.
Staying in budget accommodations, or even trying out housesitting, can significantly cut down your lodging costs.
Eating at local fresh markets rather than restaurants will not only save you money but also provide a more authentic experience.
Plan your daily activities; consider free local events, parks, and attractions.
Always carry a water bottle to avoid buying expensive drinks.
With careful planning, traveling on a shoestring budget can make your journey all the more rewarding and memorable.
How to Save Money on a shoestring budget?
Saving money while on a shoestring budget might appear challenging, but it’s not impossible. Begin by monitoring your expenditures and identifying areas where you can potentially save money. Also, consider substituting costly activities with more affordable or free ones.
Every small action counts when you’re on a shoestring budget, and these savings accumulate over time. Remember, consistent small savings can make a significant difference in the long run.
Starting a business on a shoestring budget
Starting a business on a shoestring budget requires careful financial planning and innovative thinking. Indeed, it may sound challenging, but numerous shoestring startups have surged to success by optimizing their business budgets. It is all about crafting a solid business plan that clearly delineates your budget and the efficient utilization of each dollar.
Maintain focus on essential expenses only. These expenses might include mandatory licenses, essential software for business operations, or even crucial industry-specific tools. Leverage your personal and professional networks for free advice and resources.
Also, make the most of free or low-cost online marketing strategies as these can be vital to shoestring business budgets. You can use effective strategies, like using different social media platforms for marketing or creating a blog, to broaden the reach of your business.
Remember, having the capital to start is important but it’s secondary to a truly novel idea, intense hard work, and a strategic approach. So, let your creativity thrive and work passionately towards growing your business.
Shoestring Budget Examples
Shoestring Vacation
Wedding or Honeymoon
Home Improvement
Business on a Shoestring Startups
Savings Goals
Financing your Next Car
A shoestring budget is not always related to bigger projects. It can also refer to the scenario where the money required for daily expenses, buying an item, or completing a project isn’t enough. Here, the person has to be creative and find ways to stretch the money to make ends meet.
Practical Tips for Surviving on a Shoestring Budget
In this section, we will present practical advice for managing a shoestring budget, derived from case studies of my readers and my own personal experience who have thrived despite financial limitations.
Whether you are budgeting on a low income or looking to reach FI number faster, this guide has you covered.
1. Starting with a Budget: Your First Step
Before you embark on your journey of living on a shoestring budget, the first step is to define a realistic budget.
Understand your total earnings and list all your monthly expenses.
Identify which expenses are necessary (rent, utilities, groceries) and which are discretionary (eating out, entertainment).
Now create a spending plan such that it covers all necessities, allocates some amount towards savings, and leaves a little for leisure.
A well-defined budget will be your roadmap to financial management success.
Remember, the goal is to live within your means but also to ensure you aren’t depriving yourself.
2. Make Saving Automatic
A proven way to save money on a shoestring budget is to make saving automatic.
In such a method, you can set up an automatic transfer when you get paid. Another idea is to use Acorns, which rounds up purchases made with your debit card to the nearest dollar and deposits the change daily into your savings account.
Essentially, you’re saving without even noticing it! These little amounts add up over a period and can really bolster your savings.
Acorns
Invest spare change, invest while you bank, earn bonus investments, grow your knowledge and more.
Every purchase you make means an opportunity to invest your spare change! So coffee for $3.25 becomes a $0.75 investment in your future.
Get Started
3. Cut Back on Expenses
One of the most effective ways to operate within a shoestring budget is by reducing expenses. These can be small lifestyle changes, like cutting back on takeaways and preparing meals at home, walking or cycling instead of driving short distances or canceling unused subscriptions.
Specifically, you are looking to cut back your flexible expenses the most.
4. Look for Ways to Make Extra Money
Alongside cutting back on expenses, we continually stress the importance of finding ways to supplement your income. This could be from a side hustle, passive income, part-time job, or even a pay raise.
This additional income can help ease pressure on your shoestring budget. Also, it might provide an opportunity to explore new interests or passions. By diversifying your income streams, you make your financial situation more secure and flexible in unexpected circumstances.
Virtual Savvy
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own businesses from scratch.
Swipe our exact methods to start earning a living from anywhere as a VA – no experience needed!
Learn More
Download Free Checklist
5. Utilize Free Resources
When it comes to saving money on a shoestring budget, the key is to utilize free resources and focus on essentials before spending money.
Thankfully, there are many vital ways to do this:
Find free things to do without spending money.
Use your local Buy Nothing group to find items before spending your hard-earned cash.
Learn and enhance your skills through free or low-cost online platforms like Udemy, Coursera, and YouTube.
Leveraging such resources can have a significant impact on your budget, leading to substantial savings for other meaningful expenses.
6. Look for Deals and Coupons
Another wise strategy when operating on a shoestring budget is seeking out deals and using coupons whenever possible. This game-changing approach can be applied to your grocery budget, dining, clothing purchases, and even travel.
Search for coupons in newspapers, magazines, or on coupon websites. Perhaps, subscribe to newsletters from your favorite retailers, a move that will provide straightforward access to information about sales and discount codes. Be mindful while shopping online or in stores, and always remember to rein in impulses, checking for any available discounts before purchasing.
Moreover, take advantage of holiday sales or Amazon Prime Day for larger purchases. Taking a little extra time to hunt for the best deals can significantly cut down your expenses and help you stick to your shoestring budget.
7. Utilize Household Resources
Leveraging what you already have in your household is another fantastic way to save money.
For instance, before running to the grocery store, take stock of what’s in your pantry and design meals around these items.
Also, consider repurposing and upcycling household items. An old ladder can turn into a chic bookshelf; jars can be used for storage.
Optimizing utility usage by switching off lights when not in use and limiting water usage can also reduce bills.
Start treating everything in your house as a resource with a specific purpose and value, including leftover food, old clothes, and used furniture. Every household item utilized efficiently can add up to visible savings over time.
8. Get Rid of Unnecessary Expenses
Perhaps the most crucial aspect of managing a shoestring budget is identifying and eliminating unnecessary expenses. These could include subscriptions to magazines or online services that you hardly use, dining out frequently, or buying expensive coffee daily.
Analyze where your money is going every month. You’d be surprised how the smallest changes can have a big impact on your budget. Eliminating even a few unnecessary monthly expenses can add up to substantial yearly savings.
Remember, the key is not to deprive yourself of everything but to find that balance between living comfortably and within your means.
9. Reduce Your Monthly Rent or Mortgage Payment
Want to slash a significant expense of your shoestring budget by considering ways to reduce your rent or mortgage payments? Could you move to a more affordable area or a smaller property?
For homeowners, look at refinancing your mortgage or negotiate better terms, resulting in lower monthly payments. Always remember to check if any fees would apply before proceeding with refinancing.
If relocation isn’t an option, consider renting out a spare room in your home or offering it on a vacation rental site.
If you are a renter, look at becoming a permanent housesitter.
Lowering these substantial expenses can make a huge difference in your budget, allowing you to allocate funds to other pressing areas, save, or even invest in building wealth.
eMortgage
Ready to buy a new home or refinance your mortgage?
eMortgage® shops home loans across multiple lenders to help you find a mortgage rate that fits your needs.
Get Started
10. Be Creative When Paying Bills
When managing a shoestring budget, it can be helpful to get creative with the way you pay your bills. Sometimes, splitting payments between paychecks or paying on certain days can make managing your budget easier.
You could also consider bill negotiation services or check if you qualify for reduced rates based on your income. If meeting all payments becomes too strenuous, communicate with your service providers about it. They may have hardship programs or payment plans to assist during tough financial periods.
Remember, the key is to avoid late fees or penalties that could further strain your budget.
11. Leverage Technology to Save Time and Money
Make the most of technology to manage your shoestring budget. There are numerous mobile apps and online resources to help you track your expenditures, save money, pay bills, and even invest.
Budgeting apps can help you keep track of your income and expenditure, warn you when you’re nearing your limit, and provide valuable insight into your spending habits. Digital wallets can help you make secure transactions without the fear of losing cash.
Moreover, there are apps and websites to compare prices of different products, get the best deal alerts, apply instant coupons, or even earn cashback like Rakuten.
Quicken
Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.
I have used this platform for over 20 years now.
Pros:
Birds-eye view of your complete financial picture.
Conveniently download your spending activities, and automatically categorize them (Quicken connects to over 14,000 financial institutions).
Track investments with it’s features like portfolio analytics, retirement goals, and market comparison.
Cons:
Little complex to use at first, the learning curve is moderate.
Yearly subscription-based model to use the platform.
Save 40% on New Memberships
Our Review
12. Participate in a Mini Savings Challenge
As a fun and effective way to boost your savings, consider embarking on a mini savings challenge! These challenges break the intimidating concept of saving into manageable, small steps. They can vary based on duration and the amount you’re aiming to save.
For example, in a 52-week challenge, you save $1 in the first week, $2 in the second, and so on, until you’re saving $52 in the 52nd week. By the end of the year, you’ll have saved $1,378!
Not only does it make saving fun, but it also allows you to develop a consistent saving habit, crucial when budgeting on a shoestring.
Frequently Asked Questions (FAQ)
If you’re fortunate enough to have a budget that’s more than a shoestring, the principles discussed still apply. Having more resources doesn’t mean you should ignore opportunities to save and invest wisely.
So, whether your budget is minimal or ample, consider adopting these healthy financial habits to achieve your financial goals. Make sure to sock away any extra money into a savings or investment account so you aren’t tempted to spend it.
Starting to invest on a small budget involves several key strategies. You must pay yourself first each and every time you are paid.
Set up an auto savings plan through a high interest savings account to make sure you start earning interest.
Contribute enough to your 401(k) to take full advantage of your employer’s match, if available, and consider mutual funds with an initial investment as low as $500.
Pick one solid company wherein you believe data and financials are stable enough to invest in, and buy 1 share.
If you receive a work or tax refund bonus, allocate it towards your investments instead of immediate spending.
Key Takeaways: Managing Money Well on a Tight Budget
Managing finances on a shoestring budget can be a daunting task, but with the right strategies in place, it can become a way to achieve financial health.
This is something I did when I was a stay-at-home mom looking for ways to make money.
In the grand scheme of things, managing a shoestring budget is less about the money and more about your mindset. Yes, limited resources can present challenges, but your attitude and creativity can make a difference.
Embracing frugality, taking control of your financial choices, and building resourceful strategies can turn your constraints into opportunities.
Money comes and goes, but the ability to manage it effectively is a life skill that will always be beneficial. The real wealth lies in your ability to live within your means and make the most of what you have – turning your shoestring budget into a stepping stone towards financial independence and stability.
Remember, every journey starts small.
Day by day, these tips can help you improve your financial stability and achieve your goals, regardless of your budget size.
Source
Merriam-Webster. “on a small/tight/shoestring budget.” https://www.merriam-webster.com/dictionary/on%20a%20small%2Ftight%2Fshoestring%20budget. Accessed December 5, 2023.
Grammarist. “Shoestring Budget – A Creative Expression for Limited Money.” https://grammarist.com/idiom/on-a-shoestring-and-shoestring-budget/. Accessed December 5, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.